The U.S. imported more than $31 billion worth of steel in 2024.
Transcript:
While stocks are slumping overall, steel stocks got a big bump to begin the first trading day of June. That’s thanks to President Trump saying he would double the tariff on steel imports from 25% to 50%.
After telling workers at a US Steel facility in Pennsylvania of his intentions, the President took to social media and posted, “It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!”
According to the Commerce Department, the United States imported more than $31 billion worth of steel and iron in 2024 — with $7.6 billion of that coming from Canada alone.
Cleveland Cliffs, Nucor, and Steel Dynamics all saw their shares receive double-digit bumps in pre-market trading on June 2.
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